Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

6 of 10
BACKNEXT
Least affordable: New York City
Least affordable: New York City
$920,000 is the price for this four-bed, three-bath home in the New York City borough of Queens.
Median home price: $425,000
Median income: $64,800
Affordability score: 19.2%

Home prices can be staggeringly high in many New York City metro area communities, but median income is not commensurately high; it's under $65,000. That combo makes it the country's least affordable major metro area.

Although, affordability has improved: The median home price has fallen from about $500,000.

After holding up better and longer than most housing markets, sales and prices around New York City have started to experience greater declines. The market there is highly influenced by what's happening on Wall Street; when financial markets sneeze, the real estate industry there says "God bless you" with feeling.

More stability in the financial markets could lead to a housing market recovery.

NEXT: 2nd place: San Francisco

Last updated November 25 2009: 10:08 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Source: National Association of Homebuilders/Wells Fargo Housing Opportunity Index for the third quarter of 2009.
The NAHB judges a home to be affordable if a family making the metro area's median income could devote no more than 28% of their take-home pay toward housing costs.
More Galleries
Homes in these ZIP codes are selling like crazy Strong job growth, growing interest from Millennials and affordable home prices are attracting home buyers to these cities. More
Working class whites & the government: It's complicated These Clearfield, Pennsylvania, residents are mad at D.C., but want more help. More
Dear Trump and Clinton: Here's what swing voters want These voices are based on interviews with American voters from the key swing states of Florida and Ohio. It's part of a special report titled "Your money, your vote," that will air on CNN on October 15. More

Special Offer